Cronos Group Appoints Bob Madore as Chief Financial Officer
Cronos Group Inc. (NASDAQ: CRON), a global cannabinoid company, appointed Bob Madore as Chief Financial Officer, effective August 9, 2021. He succeeds Jerry Barbato, whose contributions in finance and procurement were acknowledged. Bob has a 30-year financial leadership background, previously serving as CFO at American Eagle Outfitters and Ralph Lauren. His role is expected to enhance Cronos's growth opportunities and shareholder value. The announcement coincided with the release of the Company's second-quarter financial results, marking a significant leadership transition at Cronos Group.
- Bob Madore's appointment brings substantial financial leadership experience.
- Madore aims to leverage his background to enhance shareholder value.
- Acknowledgment of Jerry Barbato's contributions shows continuity and strong company foundation.
- Transitioning leadership may pose risks related to continuity in financial strategy.
TORONTO, Aug. 06, 2021 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos Group” or the “Company”), an innovative global cannabinoid company, today announced the appointment of Bob Madore as Chief Financial Officer, effective August 9, 2021, who will succeed Jerry Barbato.
“We are pleased to add a leader of Bob’s caliber to the Cronos Group team,” said Kurt Schmidt, President and Chief Executive Officer of Cronos Group. “Bob brings to Cronos Group a proven track record of financial leadership spanning an impressive and diverse 30-year career. His operational capabilities and experience at high profile global consumer brands make him the ideal person to be our next CFO. We look forward to Bob playing a key role in our efforts to capitalize on growth opportunities as Cronos Group continues to execute our regional strategies and R&D and innovation work at the brand level.”
Mr. Schmidt continued, “On behalf of everyone at Cronos Group, I would like to thank Jerry for his leadership and contributions to the Company. He played an instrumental role in strengthening our finance and procurement functions, driving the SAP implementation in both Canada and the U.S. and building out IT with a new focus on cyber security. His dedication and knowledge of the business have been instrumental in helping build Cronos Group into the Company it is today. I thank Jerry for his service and wish him all the best in his future endeavors.”
Mr. Madore commented, “Cronos Group has built a premier portfolio of innovative products supported by a solid balance sheet, and it is an honor to join the Company at such an exciting time in its development. I look forward to working with Kurt and the management team and leveraging my background and skills to build on the Company’s strong foundation and drive greater value for Cronos Group’s shareholders.”
Mr. Barbato said, “It has been a privilege to work with the Cronos Group team and I’m proud of all we have accomplished over the last several years. I know that under Bob’s leadership and with support of the outstanding team across the organization, the Company is well positioned to lead the global cannabis industry and capture the significant opportunities ahead.”
2021 Second Quarter Financial Results
In a separate release today, the Company disclosed its 2021 second quarter financial results. The Company will host a conference call with investors and analysts today at 8:30 a.m. ET to review its financial results.
About Bob Madore
Bob Madore recently served as Chief Financial Officer of American Eagle Outfitters Inc. from 2016 to 2020. Prior to that, he served in a number of key financial and operational roles at Ralph Lauren Corporation beginning in 2004 through 2016, most recently as Chief Financial Officer from April 2015 to September 2016. Before joining Ralph Lauren, Bob was Chief Financial Officer for New York & Company from 2003 to 2004, and served as Chief Operating Officer and Chief Financial Officer of FutureBrand, a division of McCann Erickson, from 2001 to 2003. Before that, he held various executive management positions at Nine West Group, Inc. from 1995 through 2000. Bob began his career in 1987 at Deloitte & Touche in audit services and worked in the firm’s mergers and acquisitions practice from 1993 until 1995. Bob holds a Bachelor of Science from Southern Connecticut State University.
About Cronos Group Inc.
Cronos Group is an innovative global cannabinoid company with international production and distribution across five continents. Cronos Group is committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos Group is building an iconic brand portfolio. Cronos Group’s portfolio includes PEACE NATURALS™, a global wellness platform, two adult-use brands, COVE™ and Spinach™, and three U.S. hemp-derived CBD brands, Lord Jones™, Happy Dance™ and PEACE+™. For more information about Cronos Group and its brands, please visit: thecronosgroup.com.
Forward-looking Statements
This press release may contain information that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws (collectively, “Forward-looking Statements”). All information contained herein that is not clearly historical in nature may constitute Forward-looking Statements. In some cases, Forward-looking Statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify Forward-looking Statements. Some of the Forward-looking Statements contained in this press release include the anticipated benefits to the Company of Mr. Madore’s appointment as its Chief Financial Officer, the Company’s ability to leverage the Company’s strengths and deliver greater value for the Company’s shareholders, and the Company's intention to build an international iconic brand portfolio and develop disruptive intellectual property. Forward-looking Statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, financial results, results, performance or achievements expressed or implied by those Forward-looking Statements and the Forward-looking Statements are not guarantees of future performance. A discussion of some of the material risks applicable to the Company can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent reports on Form 10-Q, which have been filed on SEDAR and EDGAR and can be accessed at www.sedar.com and www.sec.gov/edgar, respectively. Any Forward-looking Statement included in this press release is made as of the date of this press release and, except as required by law, Cronos Group disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.
Cronos Group Contact
Shayne Laidlaw
Tel: (416) 504-0004
investor.relations@thecronosgroup.com
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